July 30, 2019
Houston-based Calpine reports an $86 million drop in net income for the second quarter, largely because of income taxes burdens.
Calpine Corp. said net income was $266 million vs. $352 million during the same period last year, caused by what the company called an “application of intra-period tax allocation rules [applied] to our interim results.”
But the company reports an increase in commodity revenue, resulting in large part from higher energy margins and income from the March beginning of commercial operations at its 828-megawatt, dual-fueled, combined-cycle electric generating facility York 2 Energy Center in Peach Bottom Township, Pennsylvania.
Cash provided by operating activities for the second quarter of 2019 was $278 million compared to $171 million in the prior year period, the company said, and for the first half of 2019 was $519 million compared to $56 million in same portion of 2018.